Steinheist returns: New episodes reveal SA’s corporate scandal

The new episodes of ‘Steinheist’, episodes 4 and 5, will premiere exclusively on Showmax on Thursday, 20 March 2025.

Promotional poster for Steinheist. Image: Instagram via @Showmax

On Thursday, 20 March 2025, Showmax will release two new episodes of Steinheist. This is a documentary series that delves into the largest corporate scandal in South African history.

This comes just a day before the first anniversary of Markus Jooste’s tragic death.

THE STEINHEIST SCANDAL

Jooste, the former CEO of Steinhoff, was at the centre of a financial storm that wiped out over R200 billion from the Johannesburg Stock Exchange (JSE).

This affected countless South Africans’ pensions and investments.

In December 2017, Steinhoff’s share price plummeted by 90% in a week following Jooste’s resignation amid investigations into accounting irregularities, according to IMDB.

This event was likened to South Africa’s Enron, highlighting the severity of the scandal.

THE FALL OF STEINHOFF

Steinhoff, once a retail giant owning brands like Ackermans and PEP, saw its value evaporate almost overnight.

Steinheist, produced by IdeaCandy, the creators of Devilsdorp, is a gripping three-part series that initially aired in 2022.

It has now expanded to include two additional episodes, exploring the aftermath of Jooste’s resignation and the ongoing pursuit of justice, according to Showmax Stories.

Director Richard Finn Gregory notes, “The wheels of justice have been turning,” reflecting on the progress made since the documentary’s initial release.

LATEST EPISODES

The latest episodes, 4 and 5, pick up where the story left off.

They detail significant developments, including the seizure of R1.4 billion of Jooste’s assets by the Reserve Bank.

They also detail his R15 million fine and 20-year ban from the JSE, and a record R475 million fine from the Financial Sector Conduct Authority.

The episodes also cover Jooste’s pursuit by German authorities and his eventual police summons. Despite Jooste’s passing, the saga continues.

A CHESS GAME

Former Steinhoff executive Stéhan Grobler was arrested shortly after Jooste’s death. R60 million in assets were seized from Bernice Odendaal, Jooste’s alleged mistress.

The new episodes delve into insider trading prosecutions in South Africa, fraud convictions in Germany, and the sentencing of Ben la Grange, Steinhoff’s former CFO, according to Cherry Flava.

Alec Hogg, editor of BizNews, aptly describes the situation as a chess game. “The game is not over. There are still other pieces on the board.

That’s the big question: ‘Who are the accomplices?’” Christo Wiese, Steinhoff’s former chair, agrees, stating, “We all accepted that he couldn’t do it alone.”

THE SECOND INSTALMENT OF STEINHEIST

The second instalment of Steinheist features interviews with key figures. These include Lesetja Kganyago, governor of the South African Reserve Bank, and Zwelakhe Mnguni.

Mnguni brought the first criminal case against Jooste. Rob Rose, author of Steinheist, also shares his insights.

Episode 5 concludes with a critical question: how can such corporate scams be prevented in the future?

Khaya Sithole, an accountant and activist, warns, “People should not be allowed to labour under the impression that it will never happen again. We didn’t see this one coming. That means we probably can’t see the next one coming unless we do things differently.”

THE SAFTAS AND STEINHEIST

Steinheist has received widespread acclaim, becoming the most-nominated documentary at the SAFTAs.

Director Richard Finn Gregory and producer Elle Oosthuizen won the Sanlam Group Financial Journalist of the Year award for their work on the series.

As the new episodes of Steinheist premiere, they serve as a stark reminder of the devastating consequences of corporate greed. It also highlights the importance of accountability.

With its gripping narrative and timely release, Steinheist is set to captivate audiences once again, offering a deeper dive into one of South Africa’s most infamous financial scandals.